Par Pacific (NYSE:PARR) Stock Price Down 9.2% - Here's What Happened

Key Points

• Par Pacific Holdings, Inc. (NYSE:PARR) saw its share price decline by 9.2% during trading, dropping to $27.67 from a previous close of $30.48.
• Analysts have mixed opinions on PARR, with one report increasing the price target to $38.00 while another downgraded it to $19.00, resulting in a consensus rating of "Hold" and a target price of $26.68.
• The company reported strong earnings of $1.54 EPS for the last quarter, significantly exceeding estimates, despite a 6.2% year-over-year decrease in revenue.

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report) shares traded down 9.2% during mid-day trading on Wednesday . The stock traded as low as $27.51 and last traded at $27.67. 724,845 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 1,373,882 shares. The stock had previously closed at $30.48.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Piper Sandler upped their price target on shares of Par Pacific from $26.00 to $38.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Raymond James Financial set a $38.00 price target on shares of Par Pacific and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Mizuho set a $34.00 price target on shares of Par Pacific and gave the stock a "neutral" rating in a research note on Friday, July 11th. Cowen reaffirmed a "buy" rating on shares of Par Pacific in a research note on Thursday. Finally, UBS Group lowered their price target on shares of Par Pacific from $20.00 to $14.75 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $28.96.

Par Pacific Stock Up 0.7%

The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.56 and a current ratio of 1.42. The firm's 50-day moving average is $28.64 and its 200 day moving average is $20.25. The firm has a market capitalization of $1.39 billion, a PE ratio of -97.54 and a beta of 1.83.

Par Pacific (NYSE:PARR - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $1.54 EPS for the quarter, topping the consensus estimate of $0.74 by $0.80. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.47 billion. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.79%. The business's revenue for the quarter was down 6.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.49 EPS. As a group, research analysts forecast that Par Pacific Holdings, Inc. will post 0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. purchased a new position in Par Pacific in the 1st quarter valued at about $194,000. Allspring Global Investments Holdings LLC lifted its holdings in Par Pacific by 54.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 18,601 shares of the company's stock valued at $265,000 after purchasing an additional 6,522 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Par Pacific by 352.7% in the 1st quarter. GAMMA Investing LLC now owns 7,556 shares of the company's stock valued at $108,000 after purchasing an additional 5,887 shares in the last quarter. First Citizens Bank & Trust Co. purchased a new position in Par Pacific in the 1st quarter valued at about $219,000. Finally, GF Fund Management CO. LTD. purchased a new position in Par Pacific in the 4th quarter valued at about $286,000. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

Par Pacific Company Profile

Par Pacific Holdings, Inc owns and operates energy and infrastructure businesses. The company operates through Refining, Retail, and Logistics segments. The Refining segment owns and operates refineries that produce gasoline, distillate, asphalt, and other products primarily for consumption in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana.